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The International Solar Alliance will take over as the dominant energy policy determining forum from the Organisation of Petroleum Exporting Countries (OPEC) in the future, believes Prime Minister Narendra Modi.
Speaking at a ceremony to mark the first assembly of the International Solar Alliance (ISA), Modi said, “ISA will play the role of OPEC in the future. The role, which is played by oil wells today will be taken over by the sun rays. The ISA will meet the energy requirements of the world in the years to come.”
The ISA was conceptualised by India and France during the COP-21 conference in 2015. “In three years, this institution has become a treaty based inter-government organisation,” Modi said.
“In the future, we must endeavour to ensure that there is One Sun, One World and One Grid. This will eliminate the energy poverty of the world as the sun is always shining somewhere,” Modi added.
Highlighting India’s role in assisting countries to set up solar power generation facilities, Minister for External Affairs, Sushma Swaraj said, “India has extended a $1.4-billion creditline in 27 countries for solar power generation projects.”
On the financing front, banks and financing institutions had committed to lend for 78,752 MW projects, of which funds to develop 68,604 MW have been disbursed. Of the financing commitment of ₹3.95 lakh crore, ₹1.79 lakh crore, or around 45 per cent of the requirement, has been sanctioned.
Speaking at the event, António Guterres, Secretary-General of the United Nations, said, “The world still lacks political commitments to drive the adoption of clean energy. Climate change is running faster than we are. If we do not change course by 2020, we may lose the opportunity altogether.”
Modi also launched the Second Re-Invest Conference. During the first Re-Invest Conference, participants had committed to develop2.70 lakh MW of renewable energy projects. But till date, only 72,000 MW of projects have been commissioned.
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